Negotiating can be a tricky process and it’s important to learn how to effectively navigate the process. One of the best practices in negotiation is learning to wait and exercises patience throughout the negotiation process. A quick solution may lead to a bad decision so you need to learn the art of waiting. Patience can be an effective weapon when it comes to negotiating while impatience can be the deadliest mistake. If you can learn to wait, you are more likely to win. Here are a few examples of situations where it is prudent to wait during a negotiation.
1. When More Research is Needed to Verify the Deal
It’s normal to be anxious about reaching that big business deal but it’s important to remember the art of patience. Contract negotiations can take a while, but it’s better to be safe than sorry. Rushing through a contract could end up costing you a great deal of money and increasing your stress if you are not careful. One time when you should be willing to wait is when more time is needed to adequately research the terms of a contract. For instance, your negotiation might be stuck on one detail, but it’s important to get that detail ironed out so it doesn’t come back to haunt you later on. Take a deep breath and be patient.
2. If You are Feeling the Pressure of a Deadline
Oftentimes, people will try to strongarm you into signing a deal by putting time constraints and deadline pressure on you. The problem with this, is that you might agree to something you don’t want just because of the deadline pressure. In these situations, it is best to take a step back and wait before signing the deal. Assess the exact terms of the deal and decide if it’s truly what you want. The reality is that deadlines can always be moved, changed, or eliminated so avoid making a decision under pressure.
3. If You Need Clarification
You should never agree to anything that you don’t fully understand. Even if it takes more time to do a little research, you need to have sufficient information and a complete understanding of the terms of the deal before you agree to it. Don’t be afraid to ask questions and gather more clarity before continuing with the negotiation. Advanced preparation is key to successful negotiations. It is imperative that you gather as much information about the other party’s needs and motivations as possible prior to entering into negotiations. If you find that your preparation has not been adequate, it is more beneficial for you to wait and reconvene once you have gathered all of the necessary information.
4. If the Conversation is Getting Heated
It’s easy for things to get emotionally charged during a negotiation but nothing good comes from tense emotions. If you feel like things are getting heated, it’s best to pause, step back, and take a break before moving on. In this scenario, waiting will allow everyone to gather their thoughts and cool down before making any final decisions.
5. If the Deal is Not Worth It
There will be times when your counterpart will drive you away from the table because the deal is not worth signing. Whether they are unable to negotiate what you need, they are acting in an unethical manner, or things are getting too emotional. If you have other alternatives, you might need to consider waiting and looking for a different solution rather than negotiating a deal that is not beneficial to you.